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Friday, November 21, 2014

The Reserve Bank of India has invited public attention to a new form of fraud perpetrated in its name - a credit card issued by fraudsters in the name of the central bank.

Explaining the modus operandi, RBI said fraudsters are sending credit cards which allow withdrawal of money up to a certain limit, albeit a small sum, from a bank account. Having gained the confidence of the victim, the fraudster gets him to deposit a huge sum of money in the same bank account. Once the money is deposited, the card stops working and that would also be the last time the holder of the card would hear from the fraudster.

Warning against such efforts, RBI reiterated that it does not carry out any business with public, whether through savings bank account, current bank account, credit card, debit card, online banking services or receiving and holding funds in foreign exchange or any other form of banking services. Source : Economic Times